The capacity, which would be the smallest in the NFL, was determined after a team-commissioned study determined the demand in the area.

"Both sides are conducting studies to determine the demand and financial viability of the project," Mike Taylor, the team's director of public affairs, said in a statement about the study's findings.

According to David Stone, a consultant working with Oakland and Alameda County (Calif.) officials on stadium construction, the new stadium would cost approximately $800 million. The Raiders have proposed contributing about $300 million, Stone said, with the remaining amount to be funded by the NFL ($200 million) and public financing (about $300 million).

The Raiders' lease on O.co Coliseum expires after the 2013 NFL season. Raiders owner Mark Davis said in June he wanted the team to stay in Oakland, but he doesn't want to sign another short-term lease at the Coliseum without plans in place for a new stadium.